Prepare for Regulatory Exams

What are Regulatory Examinations?

The Regulatory Examinations (RE Exams) was introduced to assess financial advisors’ competency and application of knowledge relating to the regulatory framework of the financial services industry. It deals with specific legislation contained in the Financial Advisory and Intermediary Services Act (FAIS Act), Financial Intelligence Centre Act (FICA), the General Code of Conduct and various Board Notices.

Who should write RE Exams?

In addition to providing accurate information to clients about financial products and services, financial advisors are also required to understand their regulatory responsibilities and duties when providing financial advice. This requires individuals who provide financial advice/services on behalf of a financial services provider to complete RE Exams in order to demonstrate their competency prescribed by regulation.

There is no limit on the number of exam attempts you are allowed.

For more information on Regulatory Examination and Competency requirements set out in the new Fit and Proper requirements for Financial Service Providers (Board Notice 194 of 2017) and who is exempt from writing RE Exams, click here.

Which RE Exam should I write?

Your role and responsibilities as a financial advisor will determine which RE Exam you need to complete. The content of each exam is based on the regulatory framework and the regulatory role of the individual.

Category I Key Individuals are required to write the Level 1 RE 1 Exam, while Representatives are required to write the Level 1 RE 5 Exam. Key Individuals who are appointed as Representatives are required to write both the RE1 and RE5 Exams. These are the two most common exams.

For a full list and more information on which exams should be written for each Category of FSP (i.e. Category I, II, IIA, III and IV), click here

What is the format of the exams?

The exam is a closed book exam that consists of multiple-choice questions (MCQs). Each question has four options, and you must select the correct option.

The RE 1 exam has 80 questions, it is written in 2 hours and 30 minutes and the pass mark is 65%. The RE 5 exam has 50 questions, it is written in 2 hours and the pass mark is 66%.

The exams are completed in paper format with a pencil. You will select your answer by colouring in the circles. It is important to not tick or mark your answer with a cross.

Preparing for your RE Exam

You should not underestimate the amount of preparation time and effort that needs to be applied to pass the RE exam. Here are tips to help you prepare:

Plan and schedule time to read and revise the study material

Start early with your preparation. There is a lot of resource material to read through when preparing for your exam. Key Individuals and Representatives are advised to devote at least three months to preparing for their exam.

Use the FSCA’s Preparation Guide 

The FSCA publishes and regularly updates their RE Exam Preparation Guide which contains detailed information to help you prepare for your exam. This guide should be your starting point before you start studying the material, as it gives a summary of the exam format, how to study, what to expect when writing the exam and more.

Study material

Your study material should include the FSCA Preparation Guide, Qualifying Criteria, and all applicable legislation (i.e. FAIS Act, FICA, the General Code of Conduct and various Board Notices). The Preparation Guide explains how to read the Qualifying Criteria and lists the resources that candidates need to access as reference material. All this information is available on the FSCA website.

Practice with online RE mock exams

It is recommended to practice answering MCQs to help assess your understanding of the resource material. The RE 1 Mock Exam and the RE 5 Mock Exam on the Masthead Learning Centre is a convenient way for you to assess if you are ready to write your RE Exams. The questions cover all the areas that will be included in the actual exam and have been deliberately constructed to resemble the type of questions asked, as well as the way in which the questions are asked in the official exam.

If you are interested in enrolling for an RE Mock Exam, click here to view our courses.

Attend an RE Training Seminar

You can attend the RE 1 and RE 5 Training seminars to grow your knowledge and be guided through the resource material by a competent facilitator who is well versed in the subject matter so you will be well-equipped with an in-depth knowledge and understanding of the RE exam content.

Attend one of Masthead’s RE1 and RE5 Exam Training seminars to ensure that you are ready to tackle the exam with confidence. Click here for more information.

Please note: The RE Mock Exams and Seminars available on the Masthead Learning Centre are not replacements for the FSCA regulatory exams. 

Where to register for your RE exam

You are required to register with an authorised institution or the independent FSCA examination body to write your RE exams.

Please note: Masthead does not administer RE Exams. For more information on where to register for RE Exams, click here.


Masthead can assist you in passing your RE 1 and RE 5 Exams with ease and confidence

RE 1 Mock Exam | REGISTER NOW FOR RE 1 MOCK EXAM 
The RE 1 Mock Exam is designed to get you ready to write your RE 1 Exam.

RE 5 Mock Exam | REGISTER NOW FOR RE 5 MOCK EXAM
The RE 5 Mock Exam is designed to get you ready to write your RE 5 Exam.

RE 1 and RE 5 Exam Training Seminar | LEARN MORE
This seminar is designed to help delegates prepare for writing the RE 1 and RE 5 Regulatory Examinations. FSPs, Key Individuals and Representatives who attend this seminar will earn 7 CPD points towards maintaining their competence requirements.

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